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Court Grants Two CBEX Promoters N10m Bail Each

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The Federal High Court in Abuja on Monday granted bail to two detained promoters of Crypto Bridge Exchange in the sum of N10 million each, with two sureties each in like sum.

Justice Mohammed Umar granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim, with the condition that the sureties must own property worth the bail sum within the jurisdiction of the court.

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He further ordered that the addresses of the sureties be verified by the court registrar.

CBEX is a digital platform that became defunct after collecting billions of naira from investors.

Following widespread public outcry after the platform mysteriously disappeared along with investors’ funds, the Economic and Financial Crimes Commission approached Justice Emeka Nwite on April 24, seeking an order to arrest and detain six CBEX promoters over alleged fraud.

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Justice Nwite granted the request after the EFCC filed an ex parte motion. He ruled that the suspects be detained pending the conclusion of investigations and potential prosecution.

The six suspects named in the application are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as 1st to 6th defendants respectively.

In the motion ex parte dated April 23, and filed by EFCC counsel, Fadila Yusuf, the Commission stated four grounds for its application. Yusuf noted that the EFCC has a statutory mandate to prevent and detect financial crimes through investigations.

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READ ALSO:ICRC Warns Of Rising Malnutrition As North-East Faces Food Shortages

She submitted that “the defendants are at large and a warrant of arrest is required to apprehend them for proper investigation and prosecution.”

According to an affidavit filed in support of the motion, the EFCC said it received intelligence in April 2025 about an alleged investment scheme fraud involving the defendants.

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It alleged that the defendants and their company, ST Technologies International Limited, used another company, Crypto Bridge Exchange, to carry out the fraudulent scheme.

The EFCC stated that the defendants promised unrealistic returns on investments—up to 100 per cent.

That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspects’ crypto wallet.

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“That the victims were initially given full access to the platform to monitor their investments.

“That after deposits valued at over one billion dollars were made, the CBEX investment platform became inaccessible, and the victims could no longer withdraw their funds.

“That the victims later discovered that the said scheme was a scam.

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“That during the course of investigation, it was discovered that ST Technologies International Limited, though registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission to operate as an investment firm.

READ ALSO:CBEX Fraud: EFCC Declares Two More Wanted

That it was also revealed that the defendants had vacated their last known addresses in Lagos and Ogun States.”

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The EFCC stated that a warrant of arrest was necessary to place the defendants on the red watch list to facilitate their apprehension and prosecution.

The Commission asserted that its investigation established a prima facie case of investment fraud and that granting the application would serve the interest of justice.

Following the court’s order, Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant) were detained in EFCC custody for investigation.

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The trio applied for bail before Justice Nwite on June 30, but the application was denied.

In his ruling, Justice Nwite held that from the totality of the affidavit evidence presented by both parties, the weight of evidence against the defendants was strong.

He also noted that, due to the nature of the case, the EFCC had obtained a remand order from a competent court.

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Meanwhile, Otorudo and Ehirim filed a separate bail application before Justice Umar.

At the last hearing on July 7, the court reserved ruling after hearing arguments from their counsel, Justice Otorudo, and opposition from EFCC counsel, Fadila Yusuf.

READ ALSO:CBEX Resumes Operations Despite SEC Ban, N1.2tn EFCC Probe

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In delivering his ruling on Monday, Justice Umar granted bail to the duo but adjourned the matter until October 13, for the commencement of trial.

The two defendants were arraigned by the EFCC on an amended three-count charge, marked FHC/ABJ/CR/216/2025, bordering on illegal financial operations and unlicensed investment activities.

They were accused of collecting public funds and promising up to 88 per cent returns on investment without obtaining the necessary regulatory approval.

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In a separate proceeding, the EFCC arraigned the 1st defendant, ST Technologies International Limited, and its Managing Director, Adefowora Abiodun (2nd defendant), on an amended eight-count charge dated July 9 and marked FHC/ABJ/CR/215/2025.

Justice Umar fixed July 25 for ruling on Abiodun’s bail application after hearing submissions following the defendants’ arraignment.

The charges include allegations of obtaining money by false pretence, money laundering, and operating a financial institution without a licence from the Central Bank of Nigeria or registration with the SEC.

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The defendants pleaded not guilty to the amended charges.

Defence counsel, Babatunde Busari, informed the court of a bail application filed on behalf of Abiodun on June 30 and urged the court to grant bail on liberal terms.

Busari argued that the charges were bailable and that Abiodun had voluntarily submitted himself to the EFCC for investigation.

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READ ALSO:EFCC Arrests TikToker For Spraying, Stepping On Naira Notes In Kaduna

He also presented a medical report showing that the defendant had an urgent eye condition requiring surgery, which he had been unable to access during 80 days in detention.

We, therefore, urge the court to admit the defendant to bail, noting that the total monetary value of the claims is around N20 million,” Busari said.

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He prayed the court to release Abiodun to him for the purpose of bail.

However, EFCC counsel, Fatsuma Mohammed, strongly opposed the bail application, citing a counter-affidavit filed on July 7.

She urged the court to refuse bail and instead order an expeditious trial, stating that investigation was concluded and the prosecution was ready.

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When asked by the judge whether the offence was bailable, Mohammed responded: “The section under which the defendant is charged carries a sentence of seven years upon conviction, which is sufficient to create a flight risk.”

Justice Umar subsequently adjourned the matter to July 25, for ruling and ordered that Abiodun remain in EFCC custody pending the outcome of the bail application.
(PUNCH)

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Why We Shun Pedestrian Bridges Despite Risks, Despite Punitive Measures — Lagosians

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…‘We’ve prosecuted over 4,000 offenders since January 2024 —LAGESC

Mojeed (other name withheld) was in a hurry to catch an early morning BRT bus that fateful Monday. He lives at Iyana Ipaja on the Lagos Mainland and works on Adeola Odeku Street, Victoria Island. Already running late, he decided to circumvent the law to save time. He knew the regulation was clear—pedestrians must use the pedestrian bridge—but like many Lagosians, he only complied when enforcement officers were in sight.

Nothing suggested that trouble was lurking. He had just crossed the busy highway and was heading towards the bus station when operatives of the Lagos State Environmental Sanitation Corps (LAGESC) accosted him.

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Asked why he ignored the pedestrian bridge, Mojeed gave an incoherent excuse. Within minutes, he was bundled into a waiting Black Maria alongside other offenders. He was held for over three hours before being released, his plan to get to work on time completely defeated.

It was such a regrettable incident for me,” he admitted.

Unfortunately, Mojeed’s experience is far from unique. Despite the Lagos State government’s huge investment in pedestrian bridges across the state and the introduction of punitive measures to enforce compliance, many residents still risk their lives daily by running across expressways instead of using the bridges.

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A Saturday Tribune investigation revealed that, like Mojeed, several pedestrians prefer the dangerous option of crossing highways. But unlike him, many Lagosians who spoke to Saturday Tribune defended their choices, citing insecurity, poor sanitation, the strenuous climb and time-wasting as reasons for avoiding pedestrian bridges.

READ ALSO:Lagos Begins Comprehensive Assessment Of Public Primary Schools

Security concerns on pedestrian bridges
Agnes, a resident of Iyana Ipaja who works with an advertising agency in Ikeja GRA, told Saturday Tribune that she often feels unsafe using pedestrian bridges, particularly at night.

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When the state government was building the pedestrian bridge at PWD along the Lagos–Abeokuta Expressway, we were happy. We thought it would reduce accidents and traffic chaos. But now, the bridge is often deserted except for self-appointed sweepers and area boys hanging around. I get scared, and sometimes I would rather cross the expressway and face the consequences,” she said.

Anthony Imaseun, a 27-year-old graduate of the University of Benin who works with a construction firm on Victoria Island, shared a similar fear. For him, the menace of hoodlums loitering around Sandfill pedestrian bridge is a major deterrent.

They smoke weed openly in broad daylight. Nobody checks them. How can we be sure anyone will come to your aid if you are attacked on that bridge?” he asked.

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Anthony, however, believes the situation can be salvaged. “Government should install security cameras and provide visible security presence. That assurance alone will make more people use the bridges,” he suggested.

READ ALSO:Three Lagos Labourers Found Dead In Makeshift Apartment

Sanitation and accessibility issues

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For Evelyn Ilo, a Jakande Estate resident who works in Apapa, dirt and encroachment discourage her from using pedestrian bridges.

“Some of the bridges have been turned into public toilets or mini-markets by traders. The filth is unbearable and you don’t feel safe walking there. I prefer to cross the expressway, even though I know it’s risky,” she said.

Evelyn advised the government to improve cleanliness, remove hawkers, provide lighting and install ramps or escalators to make bridges accessible to the elderly, children and the physically challenged.

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Christopher Chukwuka also lamented the dilapidated state of many pedestrian bridges. “At night, they are dangerous. Hoodlums block your way from both ends, leaving no escape. Until government fixes the bridges and provides security, I’d rather cross the road,” he declared.

Taiwo, a resident of Mowe who works in Lagos, echoed similar concerns. “The pedestrian bridge in Mowe is dark and unsafe at night. The climb is also stressful, especially for the elderly and disabled. Yet, the risk of crossing the expressway is enormous because many lives have been lost to speeding vehicles. Government must light up these bridges and build more along the Lagos–Ibadan Expressway,” he advised.

Mixed views: Safety vs. inconvenience

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Not all Lagosians avoid the bridges. Olamide, a journalist, said he prefers using them.

The expressways are too dangerous. I have seen too many near-accidents to take that risk. But the bridges themselves are not always pleasant; they are dirty, poorly lit and sometimes filled with miscreants. Government must maintain them better and make them user-friendly. If that happens, more people will abandon the risky habit of dashing across the road,” he said.

READ ALSO:Lagos Man Killed In Fight, Suspect Arrested

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Government’s enforcement drive

Despite these concerns, the Lagos State government insists that enforcement remains non-negotiable.

Recently, the Commissioner for the Environment and Water Resources, Tokunbo Wahab, said the government would continue to deploy enforcement strategies to ensure compliance.

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Confirming this, Director of Public Affairs, Lagos State Environmental Sanitation Corps (LAGESC), Lukman Ajayi, told Saturday Tribune that enforcement is ongoing.

“On Friday, we arrested 18 offenders at 7&8 Bus Stop, Onipanu, and Fadeyi for failing to use pedestrian bridges. Since January 2024, no fewer than 4,000 offenders have been arrested and prosecuted. The exercise will continue until residents comply fully,” Ajayi stated.

For now, however, the gulf remains wide between government’s insistence on compliance and residents’ reluctance to climb the bridges provided for their safety. Until issues of security, sanitation, and accessibility are addressed, many Lagosians may continue to risk their lives crossing highways, despite the danger, despite the law.
(TRIBUNE)

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Controversial AMCON Sale: Court Evicts Ali Baba From VI Property

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Popular comedian Atunyota Alleluya Akpobome, widely known as Ali Baba, and his company, XQZMOI TV, have been evicted from a Victoria Island property.

The eviction was carried out by bailiffs of the Federal High Court in Lagos, acting on a writ of possession issued on August 15, 2025.

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The action followed a judgment delivered by Justice Ambrose Lewis-Allagoa on July 31, 2025, which dismissed a suit brought by Assets Management Corporation of Nigeria (AMCON), against Harold Expansion Industries Nigeria Limited and, critically, ruled in favour of Harold Expansion’s counterclaim.

The court’s decision reversed the sale of the property, located at 324A Akin Ogunlewe Street, and ordered its return to the family of the now-deceased original owner.

READ ALSO:NBA Drags IGP Egbetokun To Court Over Tinted Glass Permit Policy

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AMCON had initially filed the suit, claiming Harold Expansion Industries was indebted to the defunct Bank PhB (now Keystone Bank) to the tune of N617 million.

The corporation alleged that the loan was taken in three tranches in 2008, totalling N129 million, which AMCON subsequently took over.

To recover part of the alleged debt, AMCON was said to have sold the property to Ali Baba for ₦220 million, even as it claimed a balance of N616.1 million was still owed.

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However, Harold Expansion Industries, through its lawyer, Benjamin Olayiwola Sadibo, denied the debt.

READ ALSO:Firm Wants Attorney-General Investigate Court Ruling On Breach Of Contract

The company’s counterclaim stated that the N129 million was a consolidated and restructured sum from the original loans, with repayments having been made since the first loan was taken in January 2008.

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In his judgment, Justice Lewis-Allagoa identified two key issues: whether AMCON had proven its case and whether Harold Expansion was entitled to its counterclaim.

Citing Section 131(1) of the Evidence Act 2011, the judge ruled that AMCON had failed to provide sufficient evidence to support its claims.

He noted that AMCON did not exhibit the defendant’s statement of account, a crucial piece of evidence for a creditor claiming a debt.

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READ ALSO:South African Court Affirms 18-year Jail Term For Nigerian Over Human Trafficking

Justice Lewis-Allagoa stated that this failure was fatal to the plaintiff’s case and, as a result, dismissed AMCON’s suit.

Regarding the counterclaim, the judge pointed out that AMCON had failed to file a defence.

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“Where a defendant counterclaims against a claimant, the latter is duty-bound to file a defence to the counterclaim; otherwise, the court is obliged to assume that the claimant has no defence,” he stated.

Consequently, the court entered judgment in favour of Harold Expansion Industries, granting all the reliefs sought, including an order for the return of the property and N500 million in damages against AMCON.

READ ALSO:US Court Sentences Osun Monarch To Prison Over $4.2m Fraud

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It would be recalled that Ali Baba purchased the property in 2021 for N220 million while the case was still in court, despite an existing order for AMCON to preserve the property pending the suit’s determination.

The comedian was allegedly a tenant of the property’s original owner before AMCON forcefully evicted the family and sold it to him.

The owner reportedly passed away shortly after the eviction. The premises, which comprise two large duplexes, had been fully occupied by Ali Baba’s company, XQZMOI, serving as its studios.

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(TRIBUNE)

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My Husband Comes Home With Used Condoms — Wife

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She smokes tobacco, drinks beer —Husband

This is in a matter where Eid Phiri of Airstrip Compound, Lusaka, Zambia, sued Lona Chinta of the same address for divorce.

According to Zambia Observer, when the matter came up for hearing, in the Mazabuka Court, Eid Phiri stated that he wanted to divorce his wife of 11 years for refusing to follow Islamic doctrine.

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He further told the court that his wife also smokes pounded tobacco, locally called “nsunko” and is always found with her female friends who drink beer.

READ ALSO:My Wife Is Cheating On Me, I Want Divorce —Husband

Eid complained that Lona, has a habit of joining saving groups and always fail to pay back the credit.

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But in defense, Lona accused Eid of not being faithful to her, saying that he comes home with used condoms.

The couple who have two children got married in 2012 after Eid impregnated Lona and was charged K8,000 as damage and bride price but only paid K3,000.

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